"Takaful is a system of Islamic insurance based on the principle of Ta'awun (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them. Takaful is operated on the basis of shared responsibility, brotherhood, solidarity and mutual cooperation".
Source: International Labour Organization. N.d. "Glossary". ILO. <https://www.social-protection.org/gimi/ShowGlossary.action?lettre=t&glosLang=EN>. Accessed 14 May 2020.